What essential factors to I need to consider when selecting a condo?
Certain factors may be more or less important, depending on whether you are buying a condo for personal use (principal residence) or for revenue real estate investment.
Location
One of the prime considerations is the location. How close is the property to schools, cultural attractions, shopping centres, recreational facilities, work, and transportation? How attractive is the present and future development of the area surrounding the property? You could buy a condo and six months later a shopping complex could be built across the street, blocking your view and therefore decreasing the resale value of your property. The location should have ample access to parking and other attractive features. Check on the amount of traffic on the streets in your area. Heavy traffic can be a noise nuisance as well as a hazard for young children.
Noise
Thoroughly check the level of noise. Consider such factors as location of highways, driveways, parking lots, playgrounds, and businesses. When buying a condominium, it is particularly important to consider the location of the garage doors, elevators, garbage chutes, and the heating and air-conditioning plant or equipment.
Privacy
Privacy is an important consideration and has to be thoroughly explored. For example, you want to make sure that the sound insulation between the walls, floors, and ceilings of your property is sufficient to enable you to live comfortably without annoying your neighbours or having your neighbours annoy you. Such factors as the distance between your unit and other common areas, including walkways, roads, and fences, are important.
Pricing
The pricing of the property you are considering should be competitive with that of other, similar offerings. On the other hand, when purchasing a condominium unit, it is sometimes difficult to compare prices accurately without taking into account the different amenities that may be available in one condominium that are not available in the other – for example, tennis courts, swimming pool, recreation centre, etc. You may decide that you do not want these extra facilities in view of your lifestyle needs, in which case paying an extra price for the unit because of these features would not be economical. On the other hand, you have to look at the resale potential, so check with your realtor. He or she can obtain accurate information on comparative pricing and cost per square foot for similar properties in the same condo building or complex.
Common Elements and Facilities
When buying a condominium unit, review all the common elements that make up the condominium development. Consider these from the perspective of the relevance to your needs as well as the maintenance or operational costs that might be required to service these features.
